You purchased a vehicle for $11,578 with a down payment of $4,100. You had 36 monthly payments of $251.34. Calculate the finance

Question

mote1985 [20]

3 years ago

10

You purchased a vehicle for $11,578 with a down payment of $4,100. You had 36 monthly payments of $251.34. Calculate the finance

charge.
$1,570.24

$9,048.54

$7,478

$11,578

Mathematics

1 answer:

Leona [35] · Answer 1 · 2022-01-11T02:45:04+03:00

Finance charge is a fee that represents the cost of borrowing or credit.
In this equation, it shows the total amount paid through credit subtracted by the cost of vehicle.
let x be the finance charge

x = $4,100 + 36 months ($251.34/month) - <span>$11,578
</span>x = $4,100 + $9,048.24 - <span>$11,578 </span>
x = ($4,100 + $9,048.24) - $11,578
x = $13,148.24 - $11,578
x = $1,570.24.
The finance charge is $1,570.24